The weak performance of U.S. manufacturing and employment indicators in February raised concerns about an economic downturn. It is widely expected that the Federal Reserve may cut interest rates in the summer to stimulate economic growth. The U.S. dollar index continued to fall, boosting copper prices. On the supply side, mine supply has been interrupted since December last year, which has provided strong support to copper prices. This factor has not only depressed margins for domestic smelters but may further depress output. At the same time, the latest data shows that LME copper inventories have fallen to the lowest level since September last year, which has further enhanced the upward momentum of copper prices and made the tight supply situation in the market more prominent. Regarding downstream consumption, the demand prospects for copper in the power, construction and transportation industries are not satisfactory. This suppressed market sentiment to a certain extent. Judging from the current macro environment and fundamental analysis, short-term market investors need to maintain a cautious and rational attitude and pay close attention to market dynamics and policy changes. Short-term copper prices have shown range-bound fluctuations.